Petrol prices to be cut by Rs 2/litre

Petrol price was slashed by Rs 2 per litre with effect from midnight Saturday. State-owned Indian Oil Corp Saturday said it has reduced petrol price by Rs.2.02 a litre, including state levies, in Delhi from midnight Saturday.

After public outcry over the steepest rise in the country's history, the state-run oil companies have agreed to a partial rollback of petrol price.

According to sources, in all Rs.1.68 a litre have been reduced by the oil company as the international crude prices have softened in the last fortnight.

The oil company said the price cut in other states will vary from that in Delhi and depend on state levies.

Currently, petrol costs Rs.73.18 a litre in the national capital. From midnight Saturday the prices will fall to Rs.71.16 a litre.

In the steepest ever hike, petrol prices were increased to Rs 7.50 a litre last month.